CORPORATE & FIDUCIARY

BEIJING, March 5 (Xinhua) -- Over the past five years, China remained committed to opening up wider to the world and expanded international economic and trade cooperation to deliver mutually beneficial outcomes, said a government work report. In response to changes in the external environment, China pursued a more proactive strategy of opening up and worked to boost reform and development with high-standard opening up, said the report submitted Sunday to the national legislature for deliberation. Over the past five years, China's imports and exports were kept stable, and their quality was improved, the report said. China developed new forms...

CORPORATE & FIDUCIARY NEWS 2023

Qualified financial institutions in Hong Kong will be allowed to set up subsidiaries in the Qianhai cooperation zone in Shenzhen to expand their businesses on the mainland Cross-border capital flow and credit financing for Macau citizens will also be made easier and more convenient in the Hengqin special economic zone in Zhuhai Pearl Liu   China’s top regulators unveiled more than two dozen measures to boost cross-border investment as they further opened up the Hengqin and Qianhai economic zones in the Greater Bay Area.   The People’s Bank of China (PBOC) along with the China Banking and Insurance Regulatory Commission,...

CORPORATE & FIDUCIARY NEWS 2023

U.S. and European investors’ holdings of assets controlled by Chinese companies but issued offshore are worth nearly three times as much as direct investments in companies registered in China. By Tom Hancock & Spe Chen U.S. and European investment into mainland China has largely been channeled through offshore vehicles set up by Chinese companies in tax havens, according to newly published research. This suggests that foreign exposure to Chinese assets is much larger than official statistics imply. U.S. and European investors’ holdings of equities and bonds that were issued by offshore vehicles and are controlled by Chinese companies such as...

CORPORATE & FIDUCIARY NEWS 2023

By Krishna Veera VanamaliCorporate tax avoidance costs countries anywhere from $100 billion to $240 billion annually, equivalent to 4-10% of global corporate income tax revenues, according to estimates from the Organisation for Economic Co-operation and Development or OECD.Developing countries are disproportionately affected because they tend to rely more heavily on corporate income taxes than advanced economies.The existing international tax rules are based on agreements made in the 1920s and are today enshrined in the global network of bilateral tax treaties. But they present two problems.The first is that the old rules provide that the profits of a foreign company can...

CORPORATE & FIDUCIARY NEWS 2022

Features of the Incubator Fund  The BVI’s Securities and Investment Business (Incubator and Approved Funds) Regulations, 2015  (the “Regulations”) introduced the "Incubator Fund” which provides a streamlined basis for start-up investment managers to establish a track record of managing funds with an open-ended strategy. The Incubator Fund regime under the Regulations does not have some of the more stringent requirements that are found with the more established investment fund options (such as Professional Funds, Private Funds, or Public Funds) under BVI law.   The key features of an Incubator Fund are:   - Limited to a total of 20 Investors (Sophisticated Private...

FUNDS & FUNDS SERVICES EXPERT INSIGHTS 2022

With inflationary pressures coming to the fore in certain areas of the global economy and the continuing impact of Covid-19, there are many important and urgent issues to discuss. In our capacity as offshore legal advisers, we wanted to highlight some of the features from our Investment Funds/M&A and Finance practice from 2021 which we think will continue to trend in 2022, subject to global economic pressures, the recovery from the impact of the pandemic and the economic fallout from the developing conflict in Ukraine.  Series Financing: Many of the legal developments and client trends in 2021 will continue to...

FUNDS & FUNDS SERVICES EXPERT INSIGHTS 2022

By Christopher CondonWhile Treasury Secretary Yellen expects businesses to back the push for a global minimum tax, the U.S. Chamber of Commerce worries some still-ambiguous elements may disadvantage U.S. businesses.Neil Bradley, chief policy officer for the U.S. Chamber of Commerce, said the group has grown increasingly concerned that a fledgling global tax deal may “fundamentally disadvantage U.S. companies.” Bradley’s remarks, in an interview Tuesday at Bloomberg News in Washington, cast doubt on Treasury Secretary Janet Yellen’s view that U.S. corporate leaders would eventually support the historic deal and urge Congress to pass the legislation necessary to implement it. There is...

CORPORATE & FIDUCIARY NEWS 2022